URA: Singapore’s private real estate sees spike
Singapore’s private residential property sales reached a 14-month high as September figures come in, according to data given by the Urban Redevelopment Authority (URA). Last month’s figures rose month-over-month 13.1% from 1,123 properties to 1,270 in August. This figure rose by a surprising 36% when compared to September of last year from 932 sold units.
“September’s sales performance has exceeded market expectations. The strong local support indicates that many Singaporeans remain confident about the long-term prospects of private properties here,” Christine Sun, OrangeTee & Tie Head of Consultancy and Research said about the sudden spike.
When looking at the relationship between total sales as compared to the sales of newly built properties in the Rest of Central Region (RCR), the proportion rose to an impressive 58.7%, up from 27.1% in August.
Sze Teck Lee, Research Director at Huttons Asia Pte Ltd., attributes the rise in sales to the rise of new development projects as well as the suburban environment. “The higher sales volume in September is likely a result of flight to safety amidst the uncertainty. Almost 60% of September sales were in the RCR. This is down to probably two factors: More RCR launches in September and many buyers opting to trade up to a city fringe location,” he said.
Singapore’s total home sales are likely to total over 9,000 by the end of the year, as reported by both Lee and Sun. Colliers International says that there are still 4,583 private real estate (not including ECs) that have been launched but remain unsold.